Experts: COVID-19, stimulus complicate 2020 taxes By: Kathryn McNutt The Journal Record February 22, 2021
Clockwise from top, left, Josh Mullins of Arledge & Associates, and Chris Haunschild of Crowe & Dunlevy, appearing on Friday’s webinar on taxes under the Biden administration. The weekly webinar was hosted by JR Interim Editor Joe Dowd. (JR screen shot)
It’s tax time and the usual questions and considerations are more complicated this year courtesy of federal relief legislation. Businesses and individuals who usually do their own taxes may need assistance filing their 2020 return, experts stressed during the latest JR Now webinar.
“There’s a lot of complicated things out there,” said Josh Mullins, partner at the accounting firm Arledge & Associates. “Be prepared to ask for help.”
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COVID-19 relief bill clarifies PPP loans By: Janice Francis-Smith, Bridgetower Media December 29, 2020
10:30 am
Congress clarified some of the confusion regarding Paycheck Protection Plan loans with the $900 billion COVID-19 economic relief package agreed to on Sunday.
The new legislation contradicts the IRS’ earlier interpretation that businesses would not be allowed to deduct for expenses paid with forgiven PPP dollars. The measure also provides millions more in relief funding for small businesses, including performance venues.
The PPP loans were originally understood to be eligible for tax-free forgiveness if at least 60% of the money was spent on payroll. But a few months into the process, the IRS announced that expenses paid with the other 40% of the loan could not be deducted on 2020 tax returns, asserting that recipients would be receiving a double benefit by deducting expenses paid for by the government.
COVID-19 relief bill clarifies PPP loans By: Janice Francis-Smith, Bridgetower Media December 29, 2020
10:30 am
Congress clarified some of the confusion regarding Paycheck Protection Plan loans with the $900 billion COVID-19 economic relief package agreed to on Sunday.
The new legislation contradicts the IRS’ earlier interpretation that businesses would not be allowed to deduct for expenses paid with forgiven PPP dollars. The measure also provides millions more in relief funding for small businesses, including performance venues.
The PPP loans were originally understood to be eligible for tax-free forgiveness if at least 60% of the money was spent on payroll. But a few months into the process, the IRS announced that expenses paid with the other 40% of the loan could not be deducted on 2020 tax returns, asserting that recipients would be receiving a double benefit by deducting expenses paid for by the government.